Lib Dems demand Treasury probe into Palantir contract as Trump-aligned tech giant gets access to UK financial data

EMBARGO: Immediate Release

Lib Dems demand Treasury probe into Palantir contract as Trump-aligned tech giant gets access to UK financial data

The Liberal Democrats have today called on the Treasury to launch an urgent investigation into the awarding of a sensitive data contract to Palantir, citing grave national security risks.

It follows news that the Financial Conduct Authority (FCA) has approved a contract for the US-based surveillance firm to analyse highly sensitive internal intelligence data. The move comes despite long-standing warnings over the company’s close ties to Donald Trump’s administration and its controversial role in US border enforcement.

The Liberal Democrats are demanding that the Treasury exercise its oversight powers under the Procurement Act (2023) to investigate whether giving this level of data access to a company with close ties to a foreign government represents a national security risk.

The investigation must evaluate the sovereignty risks of outsourcing the UK’s financial data to a foreign private entity with deep ties to a volatile US political movement, the Lib Dems said.

Liberal Democrat Treasury Spokesperson, Daisy Cooper MP, said:

"Palantir has spent years embedding itself within the MAGA machine. Awarding a contract for sensitive UK financial data to a Trump-aligned tech giant seems like a huge error of judgement.

"The Chancellor cannot sit idly by while the British state becomes increasingly dependent on a foreign firm that treats our data as its private playground.

“We need a full Treasury investigation to see if the huge risks of giving this contract to Palantir were overlooked."

ENDS

Notes to Editor:

Please see the below clauses from this note on the Procurement Act 2023:

15.⁠ ⁠An appropriate authority may investigate a relevant contracting authority’s compliance with the Act at any time; there does not need to be evidence of a contracting authority’s non-compliance in order for an investigation to be triggered.

16.⁠ ⁠If an investigation is being conducted, an appropriate authority may by notice require a relevant contracting authority to provide relevant documentation as is reasonably required for the purposes of the investigation and/or request other assistance as is reasonable in the circumstances. This could include requiring the contracting authority to make personnel available to be interviewed. The notice issued by the appropriate authority will provide details of the documentation or assistance required, including the form of documentation.